Q. The term “Harmonized System (HS)” often seen in news is related to which of the following?
The Harmonized System, or simply ‘HS’, is a six-digit identification code developed by the World Customs Organization (WCO).
- Called the “universal economic language” for goods, it is a multipurpose international product nomenclature.
- Over 200 countries use the system as a basis for their customs tariffs, gathering international trade statistics, making trade policies, and for monitoring goods.
- The system helps in harmonizing of customs and trade procedures, thus reducing costs in international trade.
Source: The Hindu